Is the tax at the time of the sale, recapture or capital gains?

HiI am having a hard time understanding how one should pay himself within a family partnership (LLLP).i have limited understanding in taxation*My accountant advised we have a salary paid by the entity, essentially making us employees.i read that there are some caveats to that, is there an alternative/conventional way to set-up recurring compensation?

I am having a hard time understanding how one should pay himself within a family partnership (LLLP).i have limited understanding in taxation*My accountant advised we have a salary paid by the entity, essentially making us employees.i read that there are some caveats to that, is there an alternative/conventional way to set-up recurring compensation?

Howdy Gang,I am considering converting an IRA to a Roth.  I know this will trigger a taxable event.  Is this event considered an active or a passive activity?The background of the question is: can this tax be offset b...

., you should never put a property in a C corporation, that causes double taxation on the property.

You are getting into complicated area of partnership taxation. 

@Snehann Kapnadakit mentions that real estate taxation is one of their practice areas which is a good thing since your profile mentions you having a rental property.It doesn't hurt to give them a call and see if you connect with them well.Alternatively, there are a couple CPA's on the message board who specialize in real estate taxation that may also be a good fit.Good luck in finding your accountant.

@Neil HenningIt looks like you will need to file a partnership return since you acquired the property with a partner/member.You should consult with a CPA who is familiar with partnership taxation.

CPA can assist with the accounting and taxation regarding the LLC.

RichardIf you are just concerned on taxation on the distribution, the distribution is not a revenue or income.